Retirement conjures up images of spending more time with family and paring down a bucket list, but the reality can be quite different without adequate financial planning.

Here's a guide to what experts say are the five most common mistakes people make when they retire.

Mistake No.1: Not having a plan

Some pre-retirees fail to sufficiently consider what they would like to accomplish after leaving the workforce. According to Christine Fahlund, a senior financial planner at T. Rowe Price, it's essential for people who are considering retirement to identify what activities are going to be interesting and challenging for them in retirement.

"In addition, it is very important for married couples to communicate with one another about what each one wants to do in retirement," she says. "The discussion will provide a good idea of how much it will cost to make their respective visions a reality."

Mistake No. 2: Not enough funds

If pre-retirees expect they will live on much less money in retirement, Fahlund suggests trying to cut down and make lifestyle changes before retirement to see if its viable.

Kevin Worthley, a certified financial planner, says it's essential for pre-retirees to analyze how their retirement income needs will match up with retirement resources.

Mistake No. 3: Not calculating rising costs of living

Worthley says many people fail to calculate inflation, or rising costs of living, when evaluating how much they will need in retirement.

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Five Common Retirement Mistakes